Settling in Report
I have opted to have an internship at Bankers Insurance because it is an amazing organization capable of reaching out to all types of people around the world. Bankers Insurance has a broad range of clients, and I believe the variety of services it offers help to target all the customers’ different needs and wants. The company offers a broad range of experiences to the interns through its various departments. Since I wanted a good exposure and expertise that would help me accomplish my goals and become a remarkable professional, I have chosen Bankers Insurance. The reputation the company has created has also motivated me to choose it for my internship. I have wanted to work here because I come from where the company head office is situated. It is close to home and hence, more convenient to work there. I was also encouraged by some of my friends who were former interns in this company because of the benefit they had earlier derived from the enterprise. The other reasons why I chose Bankers Insurance include the following factors. The company operations suit my area of specialization and know-how; therefore, working with this company could have a great impact on my career growth and development. More t say the company has great and specialized staff and supportive management. I also pride myself in this organization simply because of its quality services and the nature of operations. It appraises its workers by rewarding them for good performance and remunerates them well.
My main aim as an intern here at Bankers Insurance is to incorporate the knowledge that I have learned in class in a practical platform. I expect that in the long-run, after me acquiring necessary knowledge and skills, the company will see me fit to work with it as one of its staff. In addition, it has been my passion to solve people’s problems, and if given a proper chance here, I will enjoy solving insurance problems of people. Most of all, I enjoy working with finance department where we use Quick books to report and analyse financial statements. This is quite practical, and I expect to learn much from this experience and study other programmes that help solve problems effectively and more efficiently. Interacting with clients is quite intriguing, especially when I have to explain to them some the basic information regarding insurance and the insurance covers available in this company. I have learned so much from what customers face and I expect that I will attract as many new clients as I can for the company.
I have come to realize that internship is an important aspect of the life of a student who has just finished his/her course with this company. Bankers Insurance helps me to use what I have learned in class by allowing me to apply theoretical concepts and school-based skills to practice. I now have an opportunity of evaluating the relevance of the knowledge acquired in class about the real life situations. The company has helped me, as an intern, to understand and apply the modern trends of business operations and management. It has also motivated me as a first-time employee by teaching me the importance of involvement in quality improvement towards an entity. The exposure that I have received in this company has showed me the world of jobs and employment. The Human Resource Manager (HR) and supervisors to whom I report to are very friendly and helping. Apart from the HR and the supervisors, I have also come to admire the directors as well as the various departmental head, who act as the main stakeholders in my field of specialization. Despite the fact that they are extremely busy, they always spare some minutes to guide and teach me some new skills. They have equipped me with the various skills of dealing with challenges affecting the staff as well as the management. They have also familiarized me with the field of employment. Admittedly, I made the right choice in choosing Bankers Insurance.
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Bankers Insurance has a decentralized management. The board of directors, who represent the top or the strategic level of the directorate, manage the company. The chairperson heads the board. The board of directors makes strategic decisions concerning the entire company and oversees the well-being of all the daily operation in all departments. It also acts as a final material consultant as well as overall project manager, especially in the main leading projects. Under the board of directors, we have the executive committee. The committee comprises of the Chief Executive Officer (CEO), General Manager Non-Life, AGM Non-life, and Head of Branches. Under the executive committee, there is the management teams and departments. The Management Team-Support comprises of Accounting and Finance department headed by Finance Manager. The accountants also fall under this department.
This department is functionally responsible for formulating financial policies, strategies, and programmes by undertaking financial planning and controls such as coordinating and interpreting financial policies and procedures, financial analysis and preparation of reports, conducting investment planning and integrating ICT financial management. Other departments under management team support include Administration and Personnel, Actuarial Department, Information and Technology, Legal Counsel Department, Procedures and Complaints Management Unit, and Risk Management Unit. The other division is the Management Team-Operations. This section comprises of Technical-Non-Life Unit, Reinsurance Unit, Chief Business Development-Life Unit, Special Business Department, Broker Unit-Capitole, Life Direct Sales Force Unit, Underwriting Medical Unit, Life Operations and Reinsurance, Broker Relationship Unit, Client Relationship-Capitole, Credit Control, and Collection Unit and Underwriting Floor-Capitole. The last division is the Management Team-Branches that include CHTAURA and POS Hasbaya, GALERIE SEMAAN and POS Chaulfat, SAIDA, TRIPOLI AND POS Kosba and ZOUK and POS Bikfaya.
The company has a decisive, aggressive, fair, and fearless leadership at all levels, but more so, the top management sees to it that the plans are implemented and the experienced staff in the institution are constantly in use. The ability of the company management to map the touch points between the clients and them continuously makes it possible for the company to deliver high-quality insurance service and financial solutions to partners and customers consistently. The management considers the customers as the most important factor, and that is the reason it always strives to meet their expectations.
The Company Mission, Values, and Culture
The Bankers Insurance mission is to deliver an unparalleled service to the clients as well as partners by providing complete financial solutions and innovative insurance that meet their evolving wants and needs by committing highest professional ethics and excellence in everything it does. When we consider this company’s core values, we can say that it has earned a reputation for being an organization that is deeply rooted in integrity and partiality. Besides having financial strengths, uncontested, and great leadership on the market and a team of highly skilled experts in their fields, Bankers Insurance believes that its principal force lies in living up to a consistent number of values of trust, utmost good faith, and ethics. It believes in a beneficial spirit of teamwork and alliance with its business partners.
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However, Bankers Insurance needs only to improve on its business plan on how first it can deliver services to customers. The actual planning should not only involve the management but also the employees who are the major stakeholders in this company. Employees need to be motivated more. Taking long on compensating some of the customers, shows the weakness in this company’s culture. Nevertheless, the company is built on the culture of social responsibility simply because insurance by itself is not only economically based but it is also social based. This company plays a significant role in contributing to social issues like education, health care, security, and the environment. It is the culture of this entity to empower every person and partners to achieve more regarding insurance. The company, having a service-oriented culture, is very responsive and respectful when it comes to delivering services to clients, partners as well all people at large; for this reason, the company has earned good reputation, which also means increased number of clients. The good thing with the Bankers Insurance culture is that it aligns with its goals and objectives.
This characteristic helps the employees to succeed in reaching those goals. There is a consistent culture of shared goals, and it has kept the company moving on a daily basis. The message of teamwork is promoted every day along with the involvement of the employees in the formulation of the objectives. A culture of teamwork has been the building block of this company alongside with communication. Communicating the vision and mission are crucial in attaining effectiveness and efficiency in all departments. Cooperation and sharing of resources are critical in Bankers Insurance.
The Company’s Competitors and Analysis
Bankers Insurance is one of the most esteemed and trusted general and life insurers that provide prime services such financial insurance and term life services oriented at accommodating customers personal and business needs. It is licensed to operate and function both as a General and Life insurer. Bankers Insurance’s history and reputation span over 40 years. The company has been one of the trendsetters of the insurance market, and it has a remarkable image of maintaining close links with its diversified clients around the world by constantly developing and having dynamic solutions to cater for the customers’ ever-changing needs and wants. As a result, it has succeeded in developing a comprehensive as well as well-diversified and balanced portfolio. The company’s new logo, which came in place in the same year (2012), serves as a sign of commitment to the day-to-day changing needs of the clients. The evolution of the company brand suits the market needs and those of the entire insurance market better. The company has a privilege in having a relationship with the heavyweights of reinsurance in the world. This advantage helps it to provide additional security and peace of mind to its highly treasured clients and counter high competition posed by other insurance companies and organizations.
The company commits itself to delivering quality and affordable customer services as well as effective and efficient management of claims along with the provision of first class assistance services that are not provided by other insurance companies. For these reasons and many others, Bankers Insurance offers a comprehensive range of insurance products that cover all insurance lines ranging from medical, property, casualty, liability and life. The company major sectors of activity include Financial Lines Insurance, Engineering, Expatriate, Fine Arts & Jewelry, Fire and Burglary, Liability, Life and Personal Accident, Marine, Medical, Money & Fidelity, Motor, Political Violence, Travel, Worker’s Compensation & Employer’s Liability. It has a competitive advantage over its competitors not only due to the variety of covers it issues but also its financial strengths.
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The Company’s Human Resource Department
Bankers Insurance HR department deals with employment and employees issues. From my experience with this company, I can say that for an employee to be successful in the culture and management systems of Bankers Insurance, he or she must possess some skills, abilities, and traits. The following are most stressed skills by the Human Resource department that a potential employee must possess in order to fit in Bankers Insurance.
Social skills. Such skills are quite critical competencies to have in this company since the employees have to deal with different kind of clients from various places all around the world. The employees, who are friendly and who have developed social skills, find it easy to communicate with others since it allows them to build rapport with other colleagues (Laird-Magee, Gayle, & Preiss, 2015).
These skills are the key to a better working environment:
Creativity and innovation
I have learned that the management of Bankers Insurance is interested in the employees who are inclined towards excellence and innovation by creating new and better ways of doing things. Many promotions in this company are reserved for the employees who share their reliable and valid ideas with the management.
Adaptable and flexible. Insurance sector comprises of unpredictable and ever changing circumstances, and this company requires the employees who are ready to evolve and adapt to the new situations and ways of carrying out operations. It does not need the staff who are stuck in their different ways and who do not want to change and learn.
Bankers Insurance comprises of great employees who have strong communication skills. The ability to express their ideas coherently, listening to others and responding appropriately have enabled the staff to work as a team.
Punctuality. It has been an essential element to keep time, especially when reporting to duty and submitting reports. Timekeeping and time tracking skills are crucial in the company for all its employees.
Personal Skills and Experience Gained
Bankers Insurance has nurtured me very well. I have gained valuable experience to help me build my resume. In addition to this, it has also helped me in developing my work attitudes such as self-confidence, maturity, and self-reliance together with the understanding of professional life and functional relationship within the organization and between other organizations. Considering what I have experienced so far in this company, I can say that it is fit for me to work for it as an employee. I do feel that the company has prepared me very well to work not only for it but also for other organizations. The way the management treats all the employees and the working conditions, as well as remuneration, are among the reasons why I take pride in working for the company. There are high standards of behaviour, integrity, knowledge, positive attitudes, skills, and habits of the employees and management, not to mention the various stakeholders. It is my dream to work for the professional and ethical organizations such as
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The focus on customers has made me like this company. The presence of customer-oriented culture is a great incentive towards the employee’s satisfaction since we all work to meet the clients’ needs and wants (Laird-Magee, Gayle, & Preiss, 2015). Great leadership that cares about the employee’s welfare regarding payment and allowances is another motivation to work for this company. Working as a team not only relieves off the employees in some duties but also acts as one of the motivations to attaining organizations goals and objectives. As a very social person, I love the culture of shared or collective responsibility depicted in this company. The appraisal of employees, especially after the company makes huge profits, is an incentive not found in many organizations but discovered in this company. Working in an environment where the management as well as fellow employees appreciates what you do is a great pleasure. Even if there are some staff members who lack skills, other employees are experts and professional in their departments. This nature of expertise acts as a piece of training that professionalism matters very much at the place of work (Laird-Magee, Gayle, & Preiss, 2015). It feels good to work in an organization built on merits and the value of intellectual work. I have learned that Bankers Insurance not only strives to satisfy customers but also values the employees as a critical asset in the company. I am also ready to work in this company because I have gone through the training required for an intern. Some of the activities I have undertaken include the following.
Introduction to Risk and Insurance
The Human Resource Manager introduced me to some of the basics of the company and all the activities carried out by the firm. He presented me with the contract entered between the company (insurer) and the clients (insured) as well as the kind of risks that Bankers Insurance could cover.
I have been introduced to the techniques and mechanisms of analysing and evaluating risk and risk exposures. I have learned the various risks covered by the company such as Burglary, fire, and life assurance among others. I have also learned about identifying and assessing risks regarding the various existing classification.
Introduction to Motor Insurance
Bankers Insurance’s Drive Series includes a range of products and services offering comprehensive motor insurance cover and reliable assistance services that are designed to meet customers’ needs and demands, starting with Motor All Risks. Under motor insurance, this company may cover Total Theft, Fire, and Explosion, Third Party Liability and Own Damage, Road Assistance, and Temporary car rental among many others.
Introduction to Health Insurance
I have learned that Bankers Insurance provides reliable medical insurance that caters not only to the clients but also to their families’ needs in case of necessity. It offers reliable health solutions for small and large entities, syndicates, mutual funds businesses, and schemes.
Introduction to Life Insurance
Bankers Insurance Accident Assurance Policy ensures that the clients receive financial compensation in case of disability or death. The covers under life insurance include Total and Permanent Disability due to Sickness and Total and Partial Permanent Disability due to Accident. It also includes Passive War Risk and Terrorism, Family Monthly Income Benefit, and many more.
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Basic Insurance Sales Techniques
Gathering information about insurance is crucial before making insurance sales. I have learned the various ways of sharing information on the market with the clients, directors, and departmental heads and coordinating the departments by linking them with their respective clients.
Motor Claims Assessment and Administration
In case of claims, an assessor of the loss incurred should inspect the damage to the vehicle while referring to the details given in the policy. For any compensation to take place, the loss incurred by the client should have been insured before the occurrence of loss. The cause of the loss should also be related to the nature of motor policy taken. In case of compensation, it should not benefit the client because this is a contract of indemnity.
Therefore, Bankers Insurance is a perfect company!
For sure, I owe this company much. My advice to the young graduates who want to work as interns with Bankers Insurance is that they should be more proactive and be involved with as many initiatives and opportunities as possible in this company. They should also try to make the most of their experience by working in as many departments as possible. The supervisors in this institution are quite supportive, but they require inquisitive interns.